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Comprehensive Plan Capital Improvements Element <br />The One to Five Cent Local Option Fuel Tax is a one to five cents tax that can be levied upon every <br />gallon of motor fuel sold in Indian River County. Revenues from this fuel tax must be shared among <br />all eligible jurisdictions in the county as a result of an interlocal agreement or by an historical <br />transportation expenditures formula. Authorized uses for revenue collected from the One to Five <br />Cent Fuel Tax include transportation expenditures needed to meet the requirements of the Capital <br />Improvements Element of the Comprehensive Plan. <br />A Professional Sports Franchise Facility Tax is a levy of up to 1 % on any lodging agreement for six <br />months or less, within Indian River County. Revenue from this tax may be used to pay the debt <br />service on bonds issued to finance the construction, reconstruction, or renovation of a professional <br />sports franchise facility. <br />State Sources <br />Revenue classified as state sources may be generated locally but collected by the state and returned to <br />the county. For example, state sources may originate from state general revenues and be shared by the <br />state according to state revenue allocation formulas. Table 6.1 displays the state revenue sources <br />applicable to Indian River County. These sources are described in further detail below. <br />• Local Government Half -Cent Sales Tax <br />The Local Government Half Cent Sales Tax <br />Program allocates 8.814% of net sales tax <br />proceeds remitted by sales tax dealers in a <br />county to a special account administered by <br />the Department of Revenue; this account is <br />the Local Government Half Cent Sales Tax <br />Clearing Trust Fund. These funds are then <br />earmarked for distribution to the governing <br />body of the county and each municipality <br />within the county. Distribution of these <br />monies within the county is determined by a <br />formula that uses a weighting factor based <br />on the population of the incorporated and <br />unincorporated areas and multiplies this <br />factor by 8.814% of the sales tax proceeds <br />received for the county. In FY 2004/05, <br />Indian River County received $8,747,000 <br />through the half -cent sales tax. As shown in Source: Indian River County Finance Department <br />table 6. 1, that amount represented 3.45% of <br />all funds collected by Indian River County during the 2004/05 fiscal year. <br />Community Development Department <br />Indian River County <br />13 <br />